Smart Contracts Market is expected to reach approximately 300 USD Million by the end of 2023 with 32% CAGR during the forecasted period from 2017 – 2023.

Smart Contracts Market Overview:

The working of smart contract is all digitized and removes the need of the broker or a lawyer as a middleman. The two contract parties match to the terms of the contract set. The contract is registered in a database and all the legal clearing is made automated.

The asset in the contract is digitized and payment is done through the digital or crypto-currencies. The smart contract gives the parties of the agreement a freedom of autonomy, backup, safety, speed and accuracy.

Even though the growth of Smart Contracts Market is significant, there also arises the challenges of software code error or bugs and how should the government regulate the contracts. With the increase of smartphone ownership over the past few years, the penetration of internet usage has also grown exponentially. The factor that hold the growth of the smart contract is the tendency of it to define the rules and regulations of an agreement but also automatically enforce any of the obligations.

April 16, 2018 – Cortex Ltd has added artificial intelligence algorithm to smart contracts which includes implementing a machine-learning platform. With artificial intelligence contract, the users can access the artificial intelligence applications.

April 10, 2018- Nchain, a blockchain technology-based research and development organization, has announced their smart contract patents to the bitcoin cash community.

14th April 2018- Enkidu Inc. has built the smart contracts that enables blockchain based smart contracts for micro-corporations

Smart Contracts Global Market Competitive Analysis:

The market of Smart Contracts Market appears to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.

Segmentation by Regions: Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

Smart Contracts Market Regional Analysis:

North America is dominating the global smart contracts market with the largest market share due to increasing adoption towards digitization and among others, which are gaining demand in smart contracts market and is expected to gain growth by 2023.

Global Smart Contracts market in European market is expected to grow at a substantial high CAGR during 2017 to 2023 due to the increasing penetration of smart contracts in financial sector. The Asia Pacific market for smart contracts market is expected to grow at a considerable CAGR (2017-2023).

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